Update to Previous Post on Seller Financing
Texas Realtors are very concerned about the implementation of federal legislation known as the SAFE Act that would severely limit an individual’s ability to seller finance property in Texas.
The Texas Association of Realtors are working on numerous regulatory and legislative solutions to this affront to private-property owners, and have some good news to report. As a result of Texas Realtors championing the rights of property owners in Texas the chief regulator over the SAFE Act in Texas, the commissioner of the Texas Department of Savings and Mortgage Lending, has taken significant steps to allow Texas property owners to continue to seller finance up to five transactions in a 12-month period.
More specifically, the commissioner has delayed the implementation of the SAFE Act requirement for licensure in seller-financed transactions in Texas until August 31. This will allow Realtors more time to implement regulatory and legislative changes during the coming months. For now it is important to know that the long-standing law of allowing a Texas seller to finance up to five transactions in a consecutive 12-month period is still in effect and the Texas Association of REALTORS® will continue to work at the federal and state level to see that this is a permanent solution.
Thank a Texas Realtor for working to correct this abuse to private-property owners in Texas.
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